Futures & commodities exams

These five exams belong to the National Futures Association, the self-regulatory organisation for the U.S. derivatives industry, to which the CFTC has delegated registration. FINRA delivers them at its test vendor, which is why they appear on FINRA's exam list, but the proficiency requirements — who must pass what to register — are the NFA's. None of them requires the SIE, and none requires a sponsoring firm to enrol.

The Series 3 is the primary exam: the proficiency requirement for associated persons of futures commission merchants, retail foreign exchange dealers, introducing brokers, commodity pool operators and commodity trading advisors. An associated person is anyone who solicits orders, customers or customer funds, or supervises those who do, so almost everyone entering the futures business starts here. It has no prerequisite, is delivered in two parts that must each be passed, and a pass supports registration only within the NFA's validity window before it must be refreshed by re-examination or continued registration.

The other four are narrower. The Series 30 is the branch manager exam for futures firms. The Series 31 covers managed futures funds for those who limit their activity to selling interests in pools and advisory services. The Series 32 is the limited futures regulations exam for candidates who already hold a qualifying non-U.S. futures qualification. The Series 34 is the retail off-exchange forex exam, taken by those who will deal with retail forex customers. Each is a proficiency alternative or supplement defined in the NFA's rules, not a step on a ladder.